NEW YORK (CNN/Money) - Deutsche Bank Securities will pay $87.5 million and Thomas Weisel Partners will pay $12.5 million to settle conflict-of-interest securities research charges with government regulators, the Securities and Exchange Commission said Thursday.

The settlements follow similar pacts reached in April 2003 between 10 other investment banks and the SEC, state securities regulators, the NASD and the New York Stock Exchange over allegations that the investment banks had undue influence on securities research at brokerage firms.

In addition to paying penalties, both banks must separate their research and investment banking departments, restructure how research is reviewed and supervised, prohibit analysts from receiving compensation for investment banking activities, and make independent research available to investors, the SEC said in a statement.

"We are pleased to reach this final resolution with the Securities and Exchange Commission, California Department of Corporations, and other state and federal regulators and join the global settlement," said Deutsche Bank in a statement. "We have already voluntarily implemented the industry-wide reforms that separate research and investment banking."

Thomas Weisel, in a company statement, also said it was happy to resolve the matter.

"We support reforms that enhance the interests of the U.S. capital markets, which is especially important to the growth companies and growth investors who we serve," a spokeswoman with Thomas Weisel told CNN/Money.

The SEC alleges that, from mid-1999 through mid-2001, the firms' investment banking units influenced their research analysts, creating conflicts of interest and supervisory deficiencies.

The SEC also said the firms issued unsound research reports.

Deutsche Bank and Thomas Weisel did not admit or deny the charges.

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Of the total to be paid by Deutsche Bank, $7.5 million is a fine for delaying the SEC's investigation into its business practices for over a year, said the SEC statement.

The government regulators involved in the action against the two firms include the SEC, the North American Securities Administrators Association (NASAA), NASD Inc., the New York Stock Exchange, and state securities regulators including California's Department of Corporations.